Holliday Fenoglio Fowler, L.P. (HFF) announces the $67 million post-acquisition financing for a fully leased, four-building, Class A industrial portfolio totaling two million square feet in the Charlotte, North Carolina; Memphis, Tennessee; and Orlando, Florida, MSAs.
The HFF team worked on behalf of PAULS Corp. and the borrower, Dream Industrial US Holdings Inc., to place the nine-year, 3.96-percent, fixed-rate loan with an insurance company. The borrower purchased the assets in December 2017 and January 2018.
The portfolio comprises four Class A bulk warehouse buildings, two of which are single-tenant and two are multi-tenant. The portfolio is 100 percent leased to a total of six tenants and features clear heights ranging from 25 to 32 feet, a total of 247 dock-high doors, 18 drive-in doors and approximately four percent office finish. Two cross-dock facilities in Memphis are the 885,000-square-foot Delta Point at 5605 Holmescrest Lane and the 500,000-square-foot Shelby V at 4770 Southpoint Drive. The Charlotte-area property is a 471,744-square-foot cross-dock facility at 860 Marine Drive in Rock Hill. American Way is a front-and-side facility containing 193,133 square feet at 7730 American Way in the Orlando-area community of Groveland. All four buildings have easy access to main thoroughfares and local airports.
The HFF debt placement team representing the borrower included director Kristian Lichtenfels, senior managing director Eric Tupler, senior director Cory Fowler and managing director Rebecca VanReken.
“HFF is thrilled to have helped the great team at Dream Industrial US Holdings Inc. in executing their strategy to expand ownership of industrial assets in the U.S. by securing a great long-term loan with a strong portfolio lender,” Lichtenfels said.
AboutDream Industrial US Holdings Inc.
Dream Industrial US Holdings Inc., is a subsidiary of Dream Industrial Real Estate Investment Trust (“the Trust”) which is an open-ended investment trust created pursuant to a Declaration of Trust, as amended and restated, under the laws of the Province of Ontario, Canada. The Trust’s registered office is 30 Adelaide Street East, Suite 301, Toronto, Ontario, Canada M5C 3H1. The Trust is listed on the Toronto Stock Exchange under the symbol “DIR.UN” and currently owns and operates a portfolio of 219 geographically diversified industrial properties comprising approximately 19 million square feet of gross leasable area in key markets across Canada with a growing presence in the United States. Its objective is to build upon and grow its portfolio and to provide stable and sustainable cash distributions to its unitholders. For more information, please visit www.dreamindustrialreit.ca.
About PAULS Corp
PAULS is a leading real estate development firm dedicated to exceeding community real estate needs through residential, industrial, office and land development. With a deep understanding of investment management and a 40-year history of identifying and quickly executing on opportunities, the company continues to provide insight and value to its clients, partners and investors. Visithttp://www.thepaulscorporation.com to learn more.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
